Insurance gives business people the assurance that there is continuity of business even after a risk occur.
Insurance creates a source of government revenue as the insurance firms also pays taxes.
Insurance cover acts as a saving plan to people.
Insurance crests employment to people thus reducing the level of unemployment in the country.
Insurance company gives loans to people thus giving people initial capital for business.
Insurance reduces money is circulation in the economy when they collect premiums thus reducing level of inflation.
Joseph lance answered the question on February 15, 2018 at 21:36
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